A new cannabis company that hopes to sell its product in Portland’s recreational market is raising $3.8 million in seed funding and will open an Oregon dispensary next year.
The Portland-based company, WeedRX, has raised $1.8m through a seed round led by First Round Capital and is looking to raise $2.7m to open a dispensary in Portland.
The company says its goal is to sell at least 500 pounds of cannabis each year in Oregon.
It’s also seeking a distributor and dispensary operator for the Oregon recreational market.
The Oregon Health Authority and the Oregon Department of Revenue will be reviewing the company’s application.
It has raised about $1 million in a Series B round led in part by the University of Portland and the Capital One Ventures accelerator program.
A similar startup called Leafly raised $7 million in 2016.
That same year, another cannabis company called Kalytera raised $2 million.